In FirstBit, within the Money Transfer document, the Transfer Fee field is used to record the amount charged by the Bank or Payment system for processing the transfer. This represents a commission or an additional expense related to internal fund transfers (between bank accounts, cash registers, or between a bank and cash account).
The amount specified in the Transfer Fee field is reflected separately in GL entries and reports from the main transfer amount. This ensures proper tracking and control of bank charges and allows for accurate calculation of transfer-related expenses.
Additionally, the Transfer Fee affects the final amount debited from the sender’s account or credited to the recipient’s account, depending on the selected accounting method (whether the fee is charged separately or included in the total transfer amount).
The Transfer Fee tab is designed to record any additional expenses related to a transfer, including currency-related transfers.
When transferring funds between accounts in different currencies, the system automatically provides the Transfer Fee field so that you can specify conversion costs or bank charges related to the foreign currency transfer.
The system uses the officially established exchange rate and if the transfer is processed at the bank’s commercial rate, which differs from the official rate, any resulting difference is generally treated as a bank expense (bank margin) and reflected in the Transfer Fee field.
A foreign exchange difference arises due to changes in the official exchange rate between the date of initial recognition and the date of payment or revaluation. Such differences are automatically recorded in financial result accounts (Exchange Gain/Loss).
Therefore, the system processes money transfers using the exchange rate downloaded in the program on the document date, and any differences calculated within the transfer document are automatically recognized as income or expense (via the Transfer Fee field), without separately emphasizing fluctuations in the bank’s internal commercial rate.
Please note that, depending on your accounting policy, you may independently select the expense GL account used to record costs related to transfers.
The system does not impose any restrictions on GL account selection — you are free to use the account defined in your accounting methodology. From the program’s side, there are no limitations regarding the choice of account.
